Bernie Madoff Talks to the Press

In his first interview from prison, Bernie Madoff insisted that banks and hedgefunds were complicit in actions leading up to his arrest and that his family didn't know anything about his crimes. Madoff's ponzi scheme spanned 16 years and cost investors $20 billion in cash and over $60 billion in paper losses. He spoke to Diana Henriques of The New York Times. He looked "noticeably thinner and rumpled in khaki prison garb," she writes.

Louise Story, Wall Street and finance reporter for The New York Times explains whether the banks and hedgefunds knew what was going on. A lawsuit was filed against Madoff's bank, JP Morgan on behalf of the victims, and they maintain that they aren't complicit.